$GLD, $SLV, $GDX are all registering overbought signals today, according to my indicator. Last time this happened was 4/29, and the metals sold off hard.
The option flow is pretty skewed to the bearish side in GDX today. Anyone taking a shot at a short here?
OA
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short tlt today …will short slv if goes below 19.02 this pm.
Short gold and bet against The Fly? Are you serious???
From Options Hawk:
$GLD Aug. $124/$136 call spreads closing and rolling to $131/$140 for 50,000X
Should be interesting to watch.
So far today-
Bought 7/29 GDXJ 45 puts at 1.25
Bought 7/29 TLT 140 puts at 1.30
Bought 7/15 HOG 50’s for .75
Yes until Thursday of Opex. Sold 29 32 calls against my long term position.
That’s all I could muster!!!
Daily & Weekly chart on gold looks like it could run to 1400 before really fading.
Trim, yes. Short, no. The last OS on $GDXJ was at 40.6, 15 days ago. It is now at 48.
I mean, OB.
Yeh bought Sept SLV 21 puts today
I made a ton of money on Sunday night fading silver futures. Am in super-tiny right now against gold miners. I’d really like to see a 1400 push before committing size. Also, sketches me out that the Chinese markets have started messing with the metals, as they are degenerate gamblers who tend to run things up to stupid places (e.g., what happened to silver on Sunday).
Bought August Puts in $ABX and $GG. DIE GOLD!!!
I agree with Fly, fear is pushing gold higher. So many political economic and social variables out there. Utilities and healthcare outperforming on 1 week timeframes (utilities much longer). I think gold isn’t done going higher and shorting would be too early.
We’ve talked about everyone moving to one side of the boat before, so why is this different?
I don’t think this is different, but the energy behind the move right now makes timing more critical….one day early can put you in a world of hurt. I looked at puts on JNUG this morning and just laughed at the prices….I think they are going to drop soon, but have no desire for that risk right now
Exactly my thought. I figured we would dip down today because the GDX was outside the upper BB but I didn’t think that meant the move is over and so it’s too soon to celebrate for anyone shorting right here. Everyone to one side of the options boat could mean more hurt Friday etc.
Those option premiums were too much. I took a look at YOLO’s for today considering that BB position and decided against it, RR wasn’t right for me.
Persistent negative nominal interest rates in the EU and Japan and negative real rates here in the US can only help gold (and silver) longer term. Short them for a trade?–sure. But bet against them long term—you might as well pull out you short sword now and perform seppuku.
I looked at NUGT puts following OA’s comment. I was not comfortable with the price.
No fear, just momentum, and I don’t short momo.
fok work!! was gonna buy JDST but work meetings got in the way. haha
OA,
What do you think of WSJ’s selling on strength/ buying on wkness as an indicator?
Haven’t used it. Any good?
Bought JDST this afternoon. Will hold for a 20% gain then go long jnug again. JNUG had a huge candle that was completely outside the upper band. Reversion coming.
Somebody bot the hell out of NUGT Jul puts today…
Took a shot on some JDST shares and SLV Aug Puts. Not only are the daily charts going overbought but the weekly charts are about there too…. Like the downtrend line test from 2011/2012 too, and futures positioning is heavily skewed bullish. Seems like a good spot to take a careful swing and add if there’s any traction from here.
http://imgur.com/lVSYhcp
Looks like they’re going to keep gold up today in anticipation of the jobs number tomorrow. I’m not so keen on the jobs number tomorrow morning, but gold is really quite stretched right now.
Well it fell apart. No worries for me since I got in yesterday. Congrats to everyone who took the trade.
Anyone got a target in JDST? I’m thinking wait till the close on Tuesday.
well, tomorrow it will bust either way. so its a roll the dice to hold overnight. definitely won’t be a muted day for JDST
yep, I took some profits yesterday. Felt like having some fun with a little today. We’ll see.
Have to learn to trust your gut!
ON, thoughts on FSLR here on the downgrade? just another longterm buying opportunity?
I’m going to take some September 50’s today. Seems like the best trade out there right now.
looks like heading for at least a gap fill and maybe a retest of those $44 lows
thanks for the tip. waiting out the lunch hour to offload but looks like GDX puts yesterday will have yielded a quick 20-25% today.
This market is bipolar
OA, I am thinking to add FSLR here as long term hold. I remember you said while ago
that you wouldn’t buy if it doesn’t hold 45. Now, would you add here? or option trade only. Thanks.
VXX almost hit an all-time low today. Tell me that makes sense with the way Gold and TLT is trading, and with US stocks near an all-time high.
Bought some calls
SFUN interesting spot. $4.6 has been defended for a while.
This gnarly move in oil is making me a little nervous…
OA – You going to try and trade oil futures here?
Closer to $40
anyone bold enough to hold gold or miner shorts overnight?
Picked up some UWTI at $25.8x
JUNO halted
I took some profits yesterday, just in case gold goes wild at 8:30. We’ll see what happens in 17 minutes…
265,000 jobs?? After last month. Wow!!
Got the hell out of the way. I’m not going to try shorting gold or silver again.
All the pajama clad bond & gold futures traders stopped out! Let the games begin.
Shorted Aug TBT 28 puts.
I like the look of MSFT here liked it better yesterday
Good spot for an APPL yolo if you like those type of things; wedged pretty good right here. Weekly 97 calls..
CF looking good on the weekly chart. Took a position for a longer term hold. Easy to tell if I’m wrong.
The job number today are telling me that wage inflation is going to be a real problem for companies by the end of the year. That means higher prices across the board for consumers and stocks.
Gold/Silver are the best way to play this, IMO. I’m going to wait before I take a new position in JNUG.
Really like that space for the long term. Why $CF versus any of the others?